In digital shearography, the speckle noise of the phase fringe pattern has a negative effect on the accuracy and reliability of the phase unwrapping procedure. A novel and optimized sine–cosine transform wavelet threshold denoising method is proposed to suppress speckle noise. Fast phase denoising can be achieved by using the proposed method while preserving the phase reversal information. The details of the selected wavelet basis function, the optimal decomposition level, the threshold function, and the denoising threshold are also provided in this manuscript. In particular, the decomposition level is analyzed and optimized through simulation analysis according to the speckle suppression index and the adaptive denoising method. The experimental results show that the proposed method has more adaptive ability in practical application than the sine–cosine transform average denoising method with the selected mask and iterative procedure, which speeds the denoising process up and takes better-unwrapped phase patterns.